HomeMy Public PortalAbout08-19-1968 70
MINUTES OF THE MEETING OF THE COMMON COUNCIL
OF THE CITY. OF RICHMOND, INDIANA SERVING AS A
COIMITTEE IN CHARGE OF THE OPERATION OF THE
RICHMOND POWER AND LIGHT PLANT, AUGUST 19, 1968
The Common Council of the City of Richmond, Indiana, serving as a committee in
charge of the operation of the Richmond power and Light Plant met in regular
session in the Council Chambers in the City Building in said City, Monday,
August 19, 1968, at the hour of 7:000 o'clock P.M. (EST). Councilman Geier pre-
siding with the following members being present: Messrs. Elstro, Henn,
F. Marino, Stigleman, Hilligoss and Paust.. Absent: Blackwood. The following
business was had to-wit:
Councilman F. Marino moved the minutes of the previous meeting stand as read,
seconded by Councilman Elstro and on unanimous voice vote was carried.
Councilman F. Marino moved the following be approved, seconded by Councilman
P. Marino, and on unanimous voice vote was carried.
Approve the following:
Bills in the amount of $238,598.46
Interest Coupons and 1953 Revenue Bonds 1,928.75
1 Payroll 58,181.83
Transfer from Cash Operating Fund to:
Cash Reserve Fund $ 64,080.35
Depreciation Reserve Fund 36,000.00
Utility Bond Fund 23,530.22
Councilman Stigleman made a motion that the recommendation of the Pension
Committee to select Bankers Life of Iowa as the pension plan carrier be
approved and a contract be submitted for approval to the City Attorney and the
Board of Directors, seconded by Councilman Marino and on unanimous voice, vote
was carried. .
Mr. Earl Beck, General Manager of Richmond Power & Light, recommended that the
bid for an outdoor-type power transformer go to Universal Electric Company, Inc.
Councilman F. Marino moved that Mr. Beck' s recommendation be accepted, seconded
by Councilman Stigleman and on unanimous voice vote was carried.
OUTDOOR TYPE POWER TRANSFORMERS
BIDS OPENED AUGUST 5, 1968
BIDDER MFG. UNIT PRICE AMOUNT DELIVERY
Universal Elec. Co. , Inc. McGraw-Edison $11,353.00 $22,706.00 24-28. weeks
308 N.W. "F" St. after' receipt
Richmond, Indiana of order
Federal Pacific Elec. Co. FPE Co. 11,700.00 23,400.00 32-34 weeks
3353 W. 16th St.
Indianapolis, Ind.
H. K. Porter Co. , Inc. Porter Elec.Div. 11,839.00 23,678.00 21 weeks
Electrical Division Delta Star
Mayflower Drive
Lynchburg, Virginia •24505
Allis-Chalmers Allis-Chalmers 11,935.00 23,872.00 16-18 weeks III
3590 No. Meriden St. after receip
Indianapolis, Ind. of order
Richmond Electric Co. G.E. 12,326.00 24,652.00 18 weeks
1024 Main Street Alt-Same as Item I
Richmond, Indiana except 2500KVA, 65
degree C 11,709.00 23,418.00
'7(
R. P. & L. Minutes 8-19-68 Page 2
BIDDER MFG. UNIT PRICE AMOUNT DELIVERY
Westinghouse Elec. Supp. Westinghouse $12,326.00 $24,652.00 20 weeks - If
2315 No. Walnut St. drawing approval
Box 42 is not necessary
Muncie, Ind. 47305 subtract 5 weeks
Mr. Beck recommended to the Board that it grant the Richmond Power & Light
$345.00 for the Recreational Fund for the year 1968-69. Councilman F. Marino
made a motion this be granted, seconded by Councilman Paust and on unanimous
voice vote was carried.
Mr. Beck asked the Committee's permission to make the following investment.
August 16, 1968
A.E. Beck
General Manager
We have funds as shown below available for investment.
Depreciation Reserve Funds
Funds from U. S. Treasury Notes that matured
August 15, 1968 $1,450,000.00
We believe the best investment for the above amount would be U. S.
Treasury Notes, 5 5/8%, maturing in May 1969. These notes are presently
quoted at 100.3 and will yield 5.49%.
Cash Reserve Fund
Funds from U. S. Treasury Notes that matured
August 15, 1968 $125,000.00
Interest on investments 2,656.25
Cash on hand July 31, 1968 63,026.99
Cash transfer in August
2 of $128,160.70 (Net Income) 64,080.35
Total $254,763.59
Available for investment 250,000.00
We believe this should be invested as follows:
U. S. Treasury bills maturing on
December 31, 1968 $125,000.00
U. S. Treasury Notes, 5 5/8% maturing in
May 1969, yield 5.49%. 125,000.00
Consumers' Deposit Fund
U. S. Treasury Notes 5 5/8% maturing in
May, 1969 12,000.00
On approval of the above, we will place our order with the Second
National Bank.
Councilman Elstro moved this authorization be given Mr. Beck, seconded by
Councilman Stigleman and on unanimous voice vote was carried.
There being no further business on motion duly made, seconded and carried,
the meeting adjourned.
/s/ Jerry Geier, Chairman
ATTEST: /s/ Harold W. Ryan, City Clerk